$23,000,000
Updated 6 years ago
Sold
55-63 Delancey Street
Chinatown, Manhattan | Eldridge Street & Allen Street
Income Property
$23,000,000
floors / apts6 / 45
Lot Size176'x89'
Built Size176'x46'
ZoneC6-2A
Building TypeLow-Rise
RE Taxes$271,374
Building Amenities
- Voice Intercom
Property Description for 55-63 Delancey Street
Located in the heart of the vibrant Lower East Side, the buildings are two, 6-story, mixed-use walk-up apartment buildings containing 45 residential units, of which 21 are Rent Stabilized and 24 are Free Market. They stretch 176’ across the entire block front of Delancey between Eldridge and Allen Streets. There are also 8 retail spaces and 2 antenna towers which are fully occupied . The average residential rents are $42/NSF, which are around half of market. The average commercial rents are $93/SF which are slightly below market. The residential income accounts for 65% of the property’s income. The common areas and lobby were recently renovated in 2009, making this a turn-key investment. 55-59 & 61-63 Delancey Street offers the best of both worlds: stable cash flow with enormous future potential. The locations encompass the best downtown neighborhoods to live and work. To receive more information on this property, please fill out and send in the confidentiality form which can be found at http://www.masseyknakal.com/listingimages/anotherdoc/pdf/55-63_Delancey_Street_Combined_CA.pdf
Listing History for 55-63 Delancey Street
Now
12/11/2012
$23,000,000
Sold and Closed by James P. Nelson
Cushman & Wakefield
09/18/2012
Contract Signed by James P. Nelson
Cushman & Wakefield
Building Details for 55-63 Delancey Street
OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Floors/Apts6/45
Transit and Citi Bike
Subway
Grand St
0.14 miles
Bowery
0.15 miles
Delancey St-Essex St
0.17 miles
2 Av
0.3 miles
Spring St
0.37 miles
Citi Bike
Delancey St & Eldridge St
0.01 miles
Forsyth St & Broome St
0.07 miles
Contact Agents
Contact Agents
James Nelson
Cushman & Wakefield
Mitchell Levine
Cushman & Wakefield
Michael DeCheser
Cushman & Wakefield
Chinatown | Manhattan
Quick Profile
The roots of Chinatown are said to go back as far as 1858, with the arrival of Cantonese businessman, Ah Ken. Ah Ken made his fortune selling cigars and is thought to have set up the first boarding houses for Chinese immigrants.
Vibrant and bustling, in New York City’s Chinatown, you’ll find the biggest population of Chinese people in the Western Hemisphere. Although Chinatown was established mostly by Cantonese speakers, due to an influx of Fuzhounese speaking Chinese immigrants and Mandarin being the official language of China and Taiwan, Mandarin has become vital to the dynamic tableau that is Chinatown.
Centered around Chatham Square and Columbia Park, Chinatown is transportive yet quintessential New York. Traveling the cozy corridors of Chinatown, bask in the varied languages and cultural diaspora, uniquely American and yet universal. Witness the roots of a place where a community was allowed to grow within a community, a world within a world. See it in the statues, architecture, and signage throughout Chinatown. Smell it seeping out from the multitude of dim sum restaurants, noodle houses, and speakeasies that reside here. Pick up a bao and wander the markets for deals and explore the sometimes brutal historic sites.
Chinatown is developing. Much of the lower-income housing once available in the area are being refurbished and sold. As a result, the community and its demographic makeup are diversifying.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 41537TH
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